By: Alexander Afriyie
The Government of Ghana has received a total of $224 million from Newmont Corporation following the sale of its Akyem Mine. The payment includes $174 million as part payment of capital gains tax and $50 million representing Ghana’s carried interest in the transaction.
According to Dr. Cassiel Ato Forson, the Minister of Finance, the sale of the mine was valued at nearly $1 billion, with the government expected to receive over $220 million in capital gains tax. The minister commended Newmont for its good faith and commitment to upholding its tax obligations.
During a meeting with a Newmont delegation led by Mr. Danquah Addo-Yobo, Head of Finance for the Africa-Canada Business Unit, Dr. Forson reminded the company of the government’s expectations under the Growth and Sustainability Levy. He urged Newmont to continue in the spirit of transparency and partnership.
The minister also assured the delegation of the government’s resolve to address infrastructure challenges in mining communities. As a matter of urgency, he will engage the Roads Ministry to commence work on the Kumasi-Kenyasi road, with an expected construction timeline of 12 to 18 months.
The payment is a significant boost to Ghana’s economy, and the government has expressed its commitment to using the funds to support national development projects. Alexander Afriyie